Holliday Fenoglio Fowler, L.P. announces $160M sale and financing of 1600 Market in Philadelphia’s C
PHILADELPHIA, PA —Holliday Fenoglio Fowler, L.P. (HFF) announced the $160 million sale and financing of 1600 Market St., a class A, 39-story office tower totaling 825,968 s/f in Philadelphia’s CBD. The HFF team represented the seller, Equity Commonwealth, and procured the buyer, an affiliate of American Real Estate Partners (AREP). Additionally, HFF worked on behalf of AREP and its institutional joint venture partner to secure a three-year, floating-rate loan for the acquisition. The HFF investment advisory team representing the seller included senior managing director Doug Rodio and managing director Brett Segal. In other news, HFF announced $115.4 million in construction financing and preferred equity for Scout on the Circle, a 551,000 s/f, mixed-use residential and retail development in Fairfax, VA. The HFF team worked on behalf of the developer, Combined Properties, Incorporated, to arrange a $100 million, floating-rate construction loan and $15.4 million in preferred equity. Scout on the Circle will be a premier mixed-use community with three individual buildings: a 54,000 s/f, single-story grocery store on the eastern corner of the property with prominent signage and frontage on Fairfax Blvd./Rte. 50 and Blake Lane/Rte. 655 along with two five-story luxury apartment buildings above ground-floor retail podiums encompassing a total of 400 apartments and 29,000 s/f of retail. The HFF team representing the developer included Susan Carras, Walter Coker, Brian Crivella, John Owendoff and Jordan Lex. HFF announced the $11.2 million acquisition financing for Silver Star Commerce Center, an eight-building light industrial center totaling 254,915 s/f in Orlando, FL. The HFF team worked on behalf of the borrower, Denholtz Associates, to place a three-year, floating-rate loan with Rialto Capital Management (Rialto). Proceeds will be used to purchase the property and make capital improvements, including a new façade, exterior painting, new tailboard and dock levelers, constructing truck wells and replacing the tenant entrance doors. Situated on 19.50 acres at 3600-3820 Silver Star Rd., Silver Star Commerce Center is in the Northwest Orange County Industrial submarket. The HFF debt placement team included managing director Michael Klein, director Preston Reid and senior managing director Michael Weinberg.